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Stock Market Daily Updates: 3 Aug 2021

We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction.

Photo Credit :

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Dear Trader…

On the first day of the week, the Indian stock market started trading with a rally after a significant decline last week. Foreign funds, which have been booming for a long time, are seeing heavy sell-offs last week with volatility on the back of a worrying rise in the transition of corona to India.

FII and FPIs, on Monday saw a net sold of Rs 1539.88 crore in the cash segment. A total of Rs 8090.77 crore was sold against a total purchase of Rs 6550.89 crore. Domestic institutional investors saw a net purchase of Rs 1505.82 crore in the cash segment. A total of Rs 4972.36 crore was sold against a total purchase of Rs 6478.18 crore.

We are bullish on the market although after the sharp correction, we are concerned about the valuation of the market. As the market has been in the overbought zone it will not take long for the scenario to become difficult to sell again in a sudden correction. So that caution will be necessary. Investors can book profit in a small portion of their portfolio.

Ø INDEX MOVEMENT – 03.08.2021

  • Nifty Future closed @ 15909 as on 02.08.2021..!!

Dear Traders,

Nifty Future has resistance at 15939 – 15977 Point; above which other resistance levels are at 16008 – 16033 Point with highly Volatile Trend,

Nifty Future has Downside support levels are at 15888– 15838 Point; below15838 Point, other support levels are at 15808 - 15777 Point.

I am positive for the next bullish trend only above @ 16008 Point but be with the trend. Let the market decide further moves. 

As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario, regarding Long term positions, it is preferable to remain cautious now...!!

If Nifty Future crosses @ 16008 Point, again then the upper side target is quite high and it may touch @ 16088 Point in the short term...!!!

  • Bank Nifty Future closed @ 34825 as on 02.08.2021..!!

Dear Traders,

Bank Nifty Future has resistance at 34909 – 35008 Point; above which other resistance levels are at 35088 – 35202 Point with highly Volatile Trend,

Bank Nifty Future has Downside support levels are at 34770 – 34606 Point; below34606 Point, other support levels are at 34474 – 34303 Point.

I am positive for the next bullish trend only above @ 35088 Point but be with the trend. Let the market decide further moves. 

As we are saying from many days, Buying is suggested in falls only...and it’s still a better strategy in the given Scenario, regarding Long term positions, it is preferable to remain cautious now...!!

If Bank Nifty Future crosses @ 35088 Point, again then the upper side target is quite high and it may touch @ 35202 Point in the short term...!!

Ø Trading Idea for the derivative stocks….

  • ESCORTS LTD @ Positive Trend @ Rs 1188 with Stoploss of Rs @ 1173 for the Target near @ Rs 1220 - 1233 in short term…..!!!
  • HAVELLS INDIA @ Positive Trend @ Rs 1160 with Stoploss of Rs @ 1147 for the Target near @ Rs 1202 – 1212 in short term…..!!!
  • VOLTAS LTD @ Positive Trend @ Rs 1027 with Stoploss of Rs @ 1008 for the Target near @ Rs 1073 – 1088 in short term…..!!!
  • BERGER PAINT @ Positive Trend @ Rs 830 with Stoploss of Rs @ 823 for the Target near @ Rs 858 – 870 in short term…..!!!
  • GRASIM IND. @ Negative Trend @ Rs 1606 with Stop loss of Rs @ 1616 for the Target near @ Rs 1573 – 1560 in short term...!!!
  • HCL TECHNO. @ Negative Trend @ Rs 1057 with Stop loss of Rs @ 1064 for the Target near @ Rs 1018 - 1008 in short term...!!!
  • CIPLA LTD @ Negative Trend @ Rs 939 with Stop loss of Rs @ 946 for the Target near @ Rs 909 - 898 in short term...!!!
  • TATA CHEMICAL @ Negative Trend @ Rs 797with Stop loss of Rs @ 808 for the Target near @ Rs 767 – 760 in short term...!!!

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Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


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Nikhil Bhatt | Research Analyst - SEBI

The author is a well established entrepreneur having a more than 16 years of experience in the field of stock market and financial management.

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